Financial results: Nestlé up, Xstrata down, Swisscom hurt by franc

ZURICH, SWITZERLAND – Nestlé confirmed Thursday 9 August it expects 5-6 percent organic growth for 2012, after posting half-year results that show 12.9 percent organic growth in emerging markets and 2.9 percent in developed markets. Total group sales increased 7.5 percent to CHF44.1 billion and net profit was CHF5.1 billion, up 8.9 percent from CHF […]

Lausanne to carry fiber optics to homes under new joint agreement

LAUSANNE, SWITZERLAND – Lausanne is set to become the first city with a fiber optic network built by Swisscom and a cable company, Lausanne Industrial Services (SiL). The new service will carry fiber optic service directly to homes in the city by 2017, pending approval by the city council and Comco, the Swiss competition commission. […]

Business: UBS profits down 54%, Swisscom takes a dip (update)

Investors see the silver lining in UBS’s gray cloud ZURICH, SWITZERLAND – Switzerland’s largest bank, UBS, turned in a glum first quarter financial report 2 May, showing a net profit of CHF828 million, down by 54 percent compared to the same period a year earlier. An accounting charge led to a loss at the investment […]

Swisscom results hurt by Italian Fastweb’s drop in value

ZURICH, SWITZERLAND – Swisscom, the Swiss telecommunications giant, announced 14 December that it will “charge to income an exceptional impairment” of CHF1.2 billion as a result in the fall in value of Italian mobile company Fastweb, which it bought in 2007. The Italian firm has grown well in the corporate market, where it is number […]

Swisscom up, Holcim down as mixed picture of Swiss economy sketched

ZURICH, SWITZERLAND – The picture of the Swiss economy at the end of the third quarter 2011 is mixed, with some companies suffering badly from the overvalued Swiss franc while others appear to be sailing through the year relatively smoothly. This week’s results of financial results continues to feed the mix. Swisscom shows net revenues […]

Swisscom to cut roaming rates for service abroad

ZURICH, SWITZERLAND – Swisscom will cut roaming rates for mobile phones by 5 centimes a minute each year until 2014, starting 1 October. The company announced the new rates Tuesday 20 September, saying the 25 percent reduction in roaming charges will kick in this year for subscribers, but only in 2012 for prepaid cards. Swisscom […]

High court finds Swisscom not guilty in last mile case

Bern, Switzerland (GenevaLunch) – A Swiss high court has decided in favour of Swisscom in a case brought by ComCo, the country’s competition commission. In 2002 the commission began investigating what it ultimately decided was an abuse of the telecom’s dominant position, and it fined the company CHF333 million. Swisscom took the case to court, […]

Swisscom says to expect some data delays

Zurich, Switzerland (GenevaLunch) – Swisscom mobile customers who use the Internet may experience “impaired service” in the next few hours, says the company. Its mobile data network was interrupted for several hours Monday, starting at 07:30 when a fault occurred on Swisscom’s GPRS network while maintenance work was being done. About half of the customers […]

Swiss business news: Swatch up, Swisscom stalls

Zurich, Switzerland (GenevaLunch.com) – Swatch is well and truly out of the economic slump, but Swisscom is still weighed down by its purchase of Italy’s Fastweb. Financial results for the two companies published Wednesday 4 August show Swatch with half-year profits up 54.4 percent, to CHF465 million. Strong growth in Europe accounted for much of […]

Swiss business results in from Swisscom, airline Swiss

A number of companies present their Q1 financial reports this week Zurich, Switzerland (GenevaLunch) – Swisscom Wednesday 5 May reported a first quarter net revenue increase of 1.3 percent to CHF2.95 billion, the bulk of which was due to a “slight recovery” in the economy. Profits for the first three months of the year fell […]